Fifth Third Announces Leadership Changes
Susan Zaunbrecher, who has led Fifth Third's Legal, Government Affairs and Regulatory Affairs departments and the Office of the Corporate Secretary since 2018, will retire. Christian Gonzalez will join Fifth Third as executive vice president, chief legal officer, to succeed her, effective July 7. Gonzalez will join Fifth Third's Enterprise management team, the Bank's senior-most governing body.
Gonzalez brings extensive experience across corporate, banking, and securities law, as well as mergers and acquisitions, venture capital, capital markets, regulatory compliance and corporate governance. He joins Fifth Third after 15 years at Dinsmore & Shohl LLP, where he most recently served as an executive board member and corporate department chair.
'Susan's foresight, judgment and commitment to excellence have made us a stronger and more resilient company,' said Tim Spence, chairman, CEO and president of Fifth Third. 'I'm also thrilled to welcome Christian to Fifth Third. His deep legal expertise and proven track record advising institutions of all sizes, from community banks to multibillion-dollar organizations, will be invaluable as we continue to grow and navigate an increasingly dynamic regulatory environment.'
Kevin Lavender, currently head of the Commercial Bank, will become vice chair of the Commercial Bank. Kevin Khanna, currently head of corporate & investment banking, will become head of the Commercial Bank. Lavender will remain as a member of the Enterprise team, and Khanna and Bridgit Chayt, head of commercial payments, will join it.
"These appointments demonstrate the deep bench of talent across our Commercial Banking organization,' said Spence. 'Under Kevin Lavender's leadership, we have continued to expand our reach and delivery of a broad array of innovative client solutions. Kevin Khanna and Bridgit Chayt have been key leaders at Fifth Third for many years now, and their impact, guided by Kevin Lavender's direction and mentorship, will shape the future of how we serve our clients and drive sustainable growth for our shareholders.'
About Fifth Third
Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
31 minutes ago
- Yahoo
Workday (NASDAQ:WDAY) Has A Rock Solid Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Workday, Inc. (NASDAQ:WDAY) does use debt in its business. But the more important question is: how much risk is that debt creating? Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Why Does Debt Bring Risk? Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together. How Much Debt Does Workday Carry? The chart below, which you can click on for greater detail, shows that Workday had US$2.99b in debt in April 2025; about the same as the year before. But it also has US$7.97b in cash to offset that, meaning it has US$4.99b net cash. How Healthy Is Workday's Balance Sheet? According to the last reported balance sheet, Workday had liabilities of US$4.82b due within 12 months, and liabilities of US$3.47b due beyond 12 months. On the other hand, it had cash of US$7.97b and US$1.43b worth of receivables due within a year. So it actually has US$1.10b more liquid assets than total liabilities. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership This state of affairs indicates that Workday's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the US$60.3b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Workday boasts net cash, so it's fair to say it does not have a heavy debt load! Check out our latest analysis for Workday Even more impressive was the fact that Workday grew its EBIT by 130% over twelve months. That boost will make it even easier to pay down debt going forward. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Workday can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts. But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Workday has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Happily for any shareholders, Workday actually produced more free cash flow than EBIT over the last two years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit. Summing Up While it is always sensible to investigate a company's debt, in this case Workday has US$4.99b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 475% of that EBIT to free cash flow, bringing in US$2.3b. So is Workday's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Workday is showing 2 warning signs in our investment analysis , you should know about... If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Associated Press
an hour ago
- Associated Press
LINE LOSS ALERT: Lineage, Inc. Investors with Losses are Reminded of the September 30 Class Action Deadline – Contact BFA Law (NASDAQ:LINE)
NEW YORK, Aug. 17, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Lineage, Inc. (NASDAQ: LINE) and certain of the Company's senior executives and directors for potential violations of the federal securities laws. If you invested in Lineage, you are encouraged to obtain additional information by visiting: Investors have until September 30, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 11 and 15 of the Securities Act of 1933 on behalf of investors who purchased stock pursuant and/or traceable to Lineage's registration statement for its initial public offering held on or about July 25, 2024. The case is pending in the U.S. District Court for the Eastern District of Michigan and is captioned City of St. Clair Shores Police and Fire Retirement System v. Lineage, Inc., et al., No. 2:25-cv-12383. Why Was Lineage Sued Under the Federal Securities Laws? Lineage is a cold storage focused real estate investment trust ('REIT'). Through its Global Warehousing Segment, Lineage owns and operates hundreds of temperature-controlled storage facilities used by companies to store food and other perishable products. As alleged, Lineage's IPO documents touted its 'consistent cold chain demand,' which purportedly provided Lineage 'with strong cash flows even during periods of broader economic stress.' The IPO documents also represented that the lingering effects of the COVID-19 pandemic had 'accelerated trends that . . . have the potential to be growth engines for the industry in coming years.' In truth, Lineage was allegedly in the midst of a sustained downturn, as its customers destocked excess inventory built up during the COVID-19 pandemic, and also shifted to leaner inventories on a go-forward basis and as more cold-storage supply came on line. Events Following the IPO On February 26, 2025, Lineage announced its fiscal Q4 2024 financial results, revealing that customers had been 'unwinding' previously 'overbuil[t]' levels of inventory, returning to a 'more normal seasonal pattern' that was expected to 'continue moving forward.' Lineage conducted its IPO at $78 per share. Since the IPO, the price of Lineage stock has fallen dramatically, to lows near $40 per share—approximately half the IPO price. Click here for more information: What Can You Do? If you invested in Lineage you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: Or contact: Ross Shikowitz [email protected] 212.789.3619 Why Bleichmar Fonti & Auld LLP? BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named 'Elite Trial Lawyers' by the National Law Journal, among the top '500 Leading Plaintiff Financial Lawyers' by Lawdragon, 'Titans of the Plaintiffs' Bar' by Law360 and 'SuperLawyers' by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd. For more information about BFA and its attorneys, please visit Attorney advertising. Past results do not guarantee future outcomes.
Associated Press
an hour ago
- Associated Press
RXST LOSS ALERT: RxSight, Inc. Investors with Losses are Reminded of the September 22 Class Action Deadline – Contact BFA Law (NASDAQ:RXST)
NEW YORK, Aug. 17, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against RxSight, Inc. (NASDAQ: RXST) and certain of the Company's senior executives for potential violations of the federal securities laws. If you invested in RxSight, you are encouraged to obtain additional information by visiting: Investors have until September 22, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased RxSight securities. The case is pending in the U.S. District Court for the Central District of California and is captioned Makaveev v. RxSight, Inc., et al., No. 25-cv- 01596. Why Was RxSight Sued for Securities Fraud? RxSight is engaged in the manufacture and sale of light adjustable intraocular lenses used in cataract surgery along with capital equipment used with the lenses. The Company's main product is its Light Adjustable Lens (LAL) that can be customized after cataract surgery through a series of non-invasive light treatments. These treatments, using a Light Delivery Device (LDD), adjust the lens's shape and power to optimize vision based on the patient's individual needs and preferences. During the relevant period, the Company touted its strong LAL and LDD sales and failed to disclose 'adoption challenges' in its products. In reality, RxSight was experiencing a slowdown in LAL utilization that was first noted in 2024. The Stock Declines as the Truth Is Revealed On April 3, 2025, before the market opened, RxSight cut its 2025 full-year revenue forecast citing a 'softening' of the market that purportedly occurred 'in the second half of 2024.' On this news, the price of RxSight stock declined roughly 38%, from $26.12 per share on April 2, 2025, to $16.21 per share on April 3, 2025. Then on July 8, 2025, the Company further cut its 2025 full-year revenue forecast. RxSight attributed the adjustment to 'the slower ramp in LAL utilization that was first noted in 2024' and '[a]doption challenges over the last few quarters.' On this news, the price of RxSight stock declined roughly 38%, from $12.79 per share on July 8, 2025, to $7.95 per share on July 9, 2025. Click here for more information: What Can You Do? If you invested in RxSight you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: Or contact: Ross Shikowitz [email protected] 212.789.3619 Why Bleichmar Fonti & Auld LLP? BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named 'Elite Trial Lawyers' by the National Law Journal, among the top '500 Leading Plaintiff Financial Lawyers' by Lawdragon, 'Titans of the Plaintiffs' Bar' by Law360 and 'SuperLawyers' by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd. For more information about BFA and its attorneys, please visit Attorney advertising. Past results do not guarantee future outcomes.
